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Posts Tagged ‘home communities’

Aussie Firm Expands Manufactured Home Reach

September 4th, 2013 Comments off

Ingenia Communities (ASX ticker:INA) of Sydney, Australia has acquired two manufactured home communities in Mudgee, New South Wales, Australia for $11.2 million. The Mudgee Valley Tourist Park had a price tag of $4 million, according to proactiveinvestors.com.au, while the Mudgee Tourist and Van Resort sold for $7.2 million. Ingenia specializes in senior housing communities, owning 44 properties with 3,200 units, including 1,105 manufactured homes. MHProNews has learned Mudgee is in southeast Australia near Sydney.

(Photo credit: Darren–Brisbane, Australia manufactured homes)

Irene, Two Years Later

August 30th, 2013 Comments off

ap-toby-talbolt-credit-weston-mhp-berlin-vt-post-irene-recovery-posted-daily-business-news-manufactured-housing-professional-news-.pngVPR tells MHProNews that most of the money from recovery efforts post tropical storm Irene went to rebuilding state and town roads and bridges. But signifcant sums were also used for relief of those, including in manufactured home communities like this one in Berlin, VT, to help storm victims with recovery efforts. Then Deputy Transportation Secretary Sue Minter was dubbed as the Irene Recovery Officer. When it came to working with individuals and families in the post-Irene recovery, Minter acknowledged there are still Vermonters rebuilding from the storm who did not receive the help they hoped for from FEMA or the state. “We pushed the envelope,” Minter says.  Where FEMA couldn’t help, Minter says many state and local organizations stepped in to provide assistance. She’s pleased that, “I wondered if we would ever get to this place. I know there are still people who have outstanding needs, but we really have come so far.” ##

(Image Credit: VPR)

Tiny House, not ok’d for Manufactured Home Community

August 30th, 2013 Comments off

tiny-house-Bob Pritt’s 208 square foot home is only 208 square feet, cost him about $20,000 to build, but Anderson County can’t say yes, because his home is not a HUD Code certified manufactured home, so it can’t be placed in a manufactured home land lease community. Pritt’s had his home titled as an RV, WBIR tells MHProNews. But as community owner-operators in many parts of the U.S. know, manufactured home communities are often only allowed to have pre-HUD code mobile or post HUD Code manufacured homes in them, no RVs or tiny houses are allowed. It is interesting to note that Pritt’s tiny house, on a cost per square foot basis, is about 3 times the price of many 16×80 single section manufactured homes. ##

(Image Credit: WBIR)

Ingenia announces buy of two ‘down under’ MHCs

August 28th, 2013 Comments off

ingenia-communities-logo-posted-daily-business-news-manufactured-housing-professional-news-mhpronews-com-Ingenia (ASX:INA) purchased two immediately earnings-accretive Manufactured Home communities in Mudgee, New South Wales, for $11.2 million. The Mudgee Valley MHC will be acquired for $4 million, which has an 8.8% trailing yield, and unlevered internal rate of return (IRR) exceeding 20%. The second purchase is the Mudgee Tourist and Van Resort acquired for $7.2 million. The later property boasts a trailing yield of 9.3%, and an unlevered IRR exceeding 15%. Mudgee, New South Wales, Australia offers a buoyant local housing market, strong employment growth and a vibrant local economy underpinned by resources and agriculture. The proactiveinvestors also tells MHProNews the median house price in Mudgee is currently $389,000, and has grown at a 9.2% rate over the past five years, making manufactured housing down under an attractive niche investment for Ingenia. ##

(Image credit: Ingenia Communities logo)

UMH Properties’ Samuel Landy to Present at Conference

August 21st, 2013 Comments off

Manufactured home community owner UMH Properties, Inc. will be presenting at the BMO Capital Markets 8th Annual North American Real Estate Conference Sept. 16-17, 2013. To be held at the Trump International Hotel in Chicago, Illinois, Samuel A. Landy, UMH president and CEO, and Anna T Chew, CFO of UMH, will be presenters during the conference, according to sacbee.com. In addition to owning a portfolio of real estate investment trust (REIT) securities, MHProNews knows UMH owns and operates 68 manufactured home communities comprised of 12,800 developed home sites in seven states east of the Mississippi.

(Photo credit: UMH Properties, Inc.)

Iowa Climbing Back from Low Manufactured Home Sales

August 5th, 2013 Comments off

While the manufactured housing industry continues to recover, it still has a long way to go, according to Troy Hames of Hames Homes in Marion, Iowa. Noting the company has sold manufactured homes for 44 years in east central Iowa, Hames says new home sales in the state were 2,200 in 1996 but only 220 in 2012 and are expected to rise to 280 this year. The company also owns five manufactured home communities with a 90 percent occupancy rate, about 1,200 families, but 80 percent of sales are for previously-owned homes, thegazette informs MHProNews. Joe Kelly, executive vice president of the Iowa Manufactured Housing Association (IMHA), states financing has always been tough for manufactured home buyers, but the economic downturn combined with consumers taking advantage of low mortgage rates to buy site-built homes has made matters worse. Kelly says while there is pending legislation in Congress to ease lending for manufactured homes, he does not expect matters to change anytime soon.

(Photo credit: Adam Wesley/thegazette–Troy Hames entering a manufactured home)

Delaware Responds to Class-Action Lawsuit regarding Fees

June 13th, 2013 Comments off

As follow-up to a May 28 MHProNews post regarding a class-action suit filed against the Delaware Manufactured Housing Relocation Authority (DEMHRA) for allegedly collecting a $3 monthly  fee for each home illegally, Deputy Attorney General Edward Black says the authority did approve the collecting. Brought by three manufactured housing community owners and two manufactured housing community residents on behalf of all landlords and residents, the suit asks for the return of the $5.5 million collected. As capegazette.villagesoup reports, Black says the authority approved the fee Feb. 19, 2004, and reaffirmed it Jan. 31, 2006. He says the lawsuit does not represent the interests of all owners and residents, and that no benefits have been disbursed because there has not been a zoning usage change since 2009 to tap the fund. Noting the account represents assistance for community owners and residents in times of redevelopment, Black says, “As the economy improves, DEMHRA anticipates an increase in applications for benefits when and as manufactured home communities undergo a change in use.”

(Image credit: CNNMoney)

Rental Market Continues to Expand

June 13th, 2013 Comments off

According to the National Association of Realtors (NAR), five to six million renter households will be created within the next ten years, as reported in HousingWire. The Census Bureau says renting households increased substantially from 2008 to 39 million, and that number will rise to 41 million in two years. Residential renter Real Property Management doubled in size during the last two years, and expects to add 60-80 franchises this year, and 100 next year. As the inventory of homes for sale remains thin and location is a dominant factor, families may choose to rent if they cannot find a house in the desired neighborhood to purchase. CEO Wally Chernoff of Rent Range states of single-family renters, 97 percent rank a safe neighborhood as important while 84 percent say school is critical. MHProNews published a story yesterday in which UMH CEO Sam Landy says the occupancy rate at the company’s 68 manufactured home communities has risen due to the strength of the rental market. As a result, UMH plans to add 200 rentals this year.

(Photo credit: apartmentquest)

Tight Economy Spurs Rentals for UMH

June 12th, 2013 Comments off

In an interview with reit.com, UMH Properties (NYSE:UMH) president and CEO Sam Landy says occupancy rates have risen at the company’s 68 manufactured home communities comprised of 12,800 homesites because of the strength of the rental market. UMH rented 200 units last year and intends to fill another 200 this year. Noting his competition, Landy says, “If they’re paying $200,000 for 980 square feet and we’re paying $80,000 for 980 square feet, we could rent our homes out at $750 a month, where they have to be over $1,000 per month. If we look at the markets we’re in and we rent our homes for at least $50 per month less than apartments, we generally generate a waiting list, and that’s what’s increasing occupancy.” He says the tighter credit and government regulations also spur demand for rentals. UMH has acquired several properties this year, as MHProNews posted here April 3, 2013, and intends to purchase more, although Landy says as prices rise it’s tougher to find good deals. A recent exclusive interview by MHProNews with UMH’s Sam Landy is linked here.

(Photo credit: Carisa Chappell/reit.com–Sam Landy)

MHC Investors to Present at Forum

May 23rd, 2013 Comments off

MarketWatch reports senior executives of MHC owner UMH Properties, Inc. will present at this year’s National Association of Real Estate Investment Trust’s (NAREIT) REITWeek Investor Forum June 5, 2013. Held at the Hilton Chicago, as MHProNews has learned independently, Northstar Realty Finance Corp. will also be among the presenters at the forum. UMH owns and operates 68 manufactured home communities comprised of 12,800 developed home sites in seven states. As we reported here April 16, 2013, Northstar is involved with RHP Properties in the recent $865 million acquisition of 71 manufactured home communities.

(Image credit: UMH Properties, Inc.)